In malaysia, the land system that we practice is called the torrens system whereby each and every part of the land is registered with an owner. If the land is huge, and not yet been subdivided it'll be called master title because as stated earlier, every part of the land must be 'registered'.
Once the individual (as in the case of landed property) or strata (multi stories building) title is issued by the relevant land office, the perfection of transfer from the landowner (or developer as the case may be) to respective purchaser must be done via the correct instrument.
As what earlier posts have correctly described, master title can be equated as bigger pie but sometimes, direct purchase from the developer also can be individual title, not necessarily be master title.
A better answer will be, in master title case, the property that you are staying is still under the name of landowner (or developer as the case may be) whilst for individual title, the property will be held under the respective purchaser's name.
Do I make myself clear?

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Added on November 28, 2009, 11:14 am'if it is a subsale and the property is under master title, compared to the one with a strata title, any difference in the length of the process of ownership transfer?'

The answer is depends. Many factors needed to be taken into account. Conventionally, the drafting of the Sale and Purchase Agreement will be 3 months upon confirmation by the landowner (or developer) that the Vendor is the beneficial owner. If there is a delay from the landowner, then the duration will be longer. On the other hand, if it's individual title, the commencement will be date when the SPA is dated and stamped-there isn't a need to get confirmation from the developer because the Vendor is already the owner.
The other factor may be the consent (usually leasehold properties). The commencement will start to kick in after obtaining consent from the State Authority in which may take months to get approved.